Swedish fashion chain Hennes & Mauritz had to present less than favourable results for its new fiscal year: investor trust has dwindled, now that sales in its home territory have also dropped for the first time in decades.

The Italian Bureau of Competition has approved Swiss Richemont’s possible acquisition of Italian fashion webshop Yoox Net-a-Porter.The full bid, yet to be accepted, values the company at 2.7 billion euro.